China’s crude oil imports from Saudi Arabia up 43%

A crude oil tanker is seen at Qingdao Port, Shandong province, China. (Reuters)
Updated 25 May 2019

China’s crude oil imports from Saudi Arabia up 43%

  • Imports grew to 1.53 million barrels per day compared with 1.07 million a year ago
  • Sinopec Group and China National Petroleum Corp., the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said

BEIJING: China’s crude oil imports from Saudi Arabia rose 43 percent in April, making the Middle Eastern OPEC kingpin once again the top supplier to the world’s second-biggest economy, boosted by demand from new private refiners.
Saudi imports grew to 6.30 million tons, or 1.53 million barrels per day (bpd) on a daily basis, compared with 1.07 million bpd in the year ago period, according to data from the General Administration of Customs released on Saturday.
Saudi shipments were supported by higher refinery run rates at Hengli Petrochemical Co. Ltd, with production at the 400,000 bpd-capacity refinery in northeast China expected to reach optimal levels in late June. About 70 percent of the feedstock for Hengli came from Saudi Arabia.
Meanwhile Russian supplies were 6.12 million tons, or 1.49 million bpd, up from 1.35 million bpd in April last year.
China in April imported 3.24 million tons of crude oil from Iran, or 789,137 bpd, up from March’s 541,100 bpd, as companies ramped up buying before the scrapping of sanctions waivers the US had granted to big buyers of Iranian oil.
China Petrochemical Corp. (Sinopec Group) and China National Petroleum Corp. (CNPC), the country’s top state-owned refiners, are halting Iranian oil purchases for loading in May, three people with knowledge of the matter said.
Venezuela shipments stood at 1.9 million tons, or 462,813 bpd in April, up 85 percent versus 249,700 bpd in March, while crude imports from Iraq were 3.31 million tons, or 806,372 bpd, down from 904,500 bpd the previous month.


Natixis opens investment banking office in Saudi Arabia

Updated 31 May 2020

Natixis opens investment banking office in Saudi Arabia

  • Western financial institutions have been seeking opportunities in Saudi Arabia

DUBAI: French investment bank Natixis has opened a corporate and investment banking office in Saudi Arabia’s capital Riyadh and appointed former JPMorgan banker Reema Al-Asmari as its chief executive officer, the bank said on Sunday.
Western financial institutions have been seeking opportunities in Saudi Arabia since the government unveiled plans to privatize state assets and introduced reforms to attract foreign capital under its Vision 2030 program to reduce the economy’s dependence on oil.
“By establishing a local presence, Natixis aims to deepen its relationships with its existing clients, including corporates, sovereign wealth funds and financial institutions, and to serve new clients, including family offices,” Natixis said in a statement.
The bank’s office, located in Al Faisaliah Tower, will offer “tailor-made capital markets products and investment banking services.”
Al-Asmari, who joined Natixis last August as an adviser to the bank’s Dubai branch, will continue to report to Simon Eedle, Natixis Corporate & Investment Banking’s regional head for the Middle East.
Eedle said in a statement that the bank’s commitment to the Middle East dated back more than 20 years and he believed its areas of expertise were closely aligned with the needs of clients in the region. “This is very much the case for the Kingdom of Saudi Arabia, notably in the context of Vision 2030,” he said, adding it was a “pivotal time” for the kingdom.